Where can I find money for my business? That is the number one question I am asked by business owners.

The first place I tell them to look is at their own resources. Lenders want to see that you have invested in your business before they will give you their money. Your own savings, investments and credit cards are the first places where you may go.

Besides using your own money, other places you can look for financing your business are:

Bank Loans This is one of the first places business owners look when financing their business. Bankers look at the 5 C’s of credit when considering loan approval. These are listed in the Top 5 section of this newsletter.

Trade Credit Your suppliers can provide credit to you through invoice payments due 30 to 60 days from purchase.

Factoring A factor buys your accounts receivables at a discounted rate, and then the factor collects the money. You get your money for your invoices immediately without having to wait for the customer to pay.

Equipment Leasing Lease your equipment, rather than buying it to avoid spending a lot of money initially on equipment.